The interest rate cuts that we had been hoping for have materialised, to the benefit of growth-focused strategies such as that of Impax Environmental Markets (IEM). However, the route to a more sustainable world has been made harder by the election of a new US President who seems set on rolling back measures to tackle climate change and combat biodiversity loss. Encouragingly, IEM’s net asset value (NAV) has not been much affected by this, and it may be worth remembering that IEM’s portfolio is a global one, and over the period between Trump’s election in 2016 and his ousting in 2020, IEM’s share price rose by 84%. This reflects the breadth of IEM’s universe. Renewables for example, account for just 7% of its portfolio. Even in the US, there is sufficient impetus around efficiency improvements which are financially driven, as well as net zero greenhouse gas emission policies, targets for water and waste improvements, demand for sustainable food and agriculture, and the embrace of digital infrastructure that the loss of US Federal support and funding may delay, but should not derail, efforts towards achieving these goals. IEM’s recent widening of its share price discount to NAV looks overdone.